The Indian rupee extended downtrend to depreciate by 7 paise to close at 88.78 (provisional) against the US dollar on Friday, near its all-time low level, on dollar demand from importers and persistent foreign fund outflows. The USD/INR pair is hovering around its all-time low level, weighed down by trade tensions and global uncertainties. Moreover, persistent foreign fund outflows and the ongoing US visa fee hike issue also dragged down the domestic unit. Meanwhile domestic shares ended modestly higher on Friday, tracking firm cues from global markets amid renewed optimism around artificial intelligence and hopes for more Federal Reserve interest-rate cuts. Falling oil prices also offered some support but volatility due to sustained FII selling capped overall gains. The benchmark BSE Sensex added 223.86 points, or 0.28 percent, to 81,207.17, extending sharp gains from the previous session after the RBI held the repo rate unchanged at 5.5 percent, lowered its inflation forecast and raised growth projections. The broader NSE Nifty index rose 57.95 points, or 0.23 percent, to 24,894.25 as traders returned from a holiday for Dussehra and Gandhi Jayanti